旅游上市公司多元化与绩效关系研究——基于11年数据的检验

A Research on the Relationship between Diversification and Tourism Listed Companies' Performance: An Empirical Investigation Based on Data of 11 Years

我国旅游企业普遍存在多元化现象。关于多元化与绩效的关系前人已经做了一些研究,没有得出一致的结论。本文搜集了沪深两市归属于大旅游类25家上市公司2001年到2011年的数据对多元化与绩效的关系进行了检验。研究结果表明,我国旅游类上市公司的不相关多元化行为与企业绩效存在显著负相关关系。研究还发现不相关多元化行为既直接损害了绩效,又对相关多元化行为与绩效之间的关系产生了消极的影响。文章最后得出旅游类上市公司应致力于获取相关多元化的经营协同效益,而不是贸然进军不相关行业的结论。

Diversification is very common in tourism companies. What is the effect of diversification on tourism companies＇ performance？ There is no consistent conclusion. This paper collects data of 25 tourism listed companies from 2001 to 2011 to test the relationship. On the tourism sub-sample, results show that unrelated diversification not only has significant negative correlation with performance, but also has negative effect on the relationship between related diversification and performance. The paper suggests that Chinese tourism companies should concentrate their efforts on obtaining synergistic effect of related diversification.